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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Axos Financial, Inc.

CIK: 1299709 Ticker: AX


axosfina13.jpg
Axos Financial, Inc. Reports Record Third Quarter 2020 Earnings
Return on Equity of 18.65% in the Three Months Ended March 31, 2020

SAN DIEGO, CA – (BUSINESS WIRE) – April 29, 2020 – Axos Financial, Inc. (NYSE: AX) (Axos), parent company of Axos Bank (the Bank), today announced financial results for the third fiscal quarter ended March 31, 2020. Net income was $56.1 million, an increase of 44.4% from $38.8 million for the quarter ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $56.0 million or $0.91 per diluted share for the third quarter of fiscal 2020, an increase of 44.5% from $38.7 million or $0.63 per diluted share for the third quarter ended March 31, 2019.
Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which excludes non-cash amortization expenses and non-recurring costs related to mergers and acquisitions, and other non-recurring costs increased 11.9% to $57.7 million and increased 11.9% to $0.94, respectively, for the quarter ended March 31, 2020 compared to $51.5 million and $0.84, respectively, for the quarter ended March 31, 2019.
Third Quarter Fiscal 2020 Financial Summary
 
Three Months Ended March 31
 
 
(Dollars in thousands, except per share data)
Q3 Fiscal 2020
 
Q3 Fiscal 2019
 
% Change
Net interest income
$
148,616

 
$
129,169

 
15.1%
Non-interest income
$
31,542

 
$
26,098

 
20.9%
Net income
$
56,057

 
$
38,821

 
44.4%
Adjusted earnings (Non-GAAP)1
$
57,652

 
$
51,518

 
11.9%
Net income attributable to common stockholders
$
55,980

 
$
38,744

 
44.5%
Diluted EPS
$
0.91

 
$
0.63

 
44.4%
Adjusted EPS (Non-GAAP)1
$
0.94

 
$
0.84

 
11.9%
1 See “Use of Non-GAAP Financial Measures”
 
 
 
 
 

For the nine months ended March 31, 2020, net income was a record $138.1 million, an increase of 20.6% over net income of $114.5 million for the nine months ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $137.9 million or $2.23 per diluted share for the nine months ended March 31, 2020, an increase of 21.9% from $114.3 million or $1.83 per diluted share for the nine months ended March 31, 2019. Record earnings for the fiscal third quarter and for the nine months ended March 31, 2020 were primarily the result of growth in the Bank’s loan and lease portfolio.
“We maintained strong profitability and efficiency in a volatile environment,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our team members and management team adjusted quickly to accommodate the needs of our clients, employees and partners across our consumer, commercial and securities businesses. Our record quarterly earnings, strong capital ratios and credit metrics are a direct result of our diverse and efficient business model and our culture of execution.”





The following information was filed by Axos Financial, Inc. (AX) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Axos Financial, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Fair Value Of Assets Acquired (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Equity And Stock-Based Compensation
Equity And Stock-Based Compensation (Tables)
Equity And Stock-Based Compensation - Changes In Restricted Stock Unit Grants (Details)
Equity And Stock-Based Compensation - Narrative (Details)
Equity And Stock-Based Compensation - Unrecognized Compensation Expense Related To Non-Vested Awards (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value - Assets Measured For Impairment On Nonrecurring Basis (Details)
Fair Value - Fair Value By Balance Sheet Grouping (Details)
Fair Value - Level 3 Assets Measured On Recurring Basis (Details)
Fair Value - Loans Held-For-Sale (Details)
Fair Value - Narrative (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurments (Nonrecurring) (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurments (Recurring) (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses
Loans, Leases &Amp; Allowance For Loan And Lease Losses (Tables)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Loan And Lease Losses Narrative (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Loan Loss By Portfolio Class (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Loan Loss By Portfolio Segment (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loan Portfolio Composition (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loans By Credit Quality Indicator (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loans Individually Evaluated For Impairment (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Nonaccrual Loans (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Nonaccrual Loans Narrative (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Past Due Loans (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Unpaid Principal Balance For Performing And Nonaccrual (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (Details)
Securities
Securities (Tables)
Securities - Amortized Cost, Carrying Amount And Fair Value Disclosures (Details)
Securities - Investments Classified By Contractual Maturity Date (Details)
Securities - Narrative (Details)
Securities - Schedule Of Unrealized Loss On Investments (Details)
Securities - Unrealized Gain (Loss) On Investments (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)

Material Contracts, Statements, Certifications & more

Axos Financial, Inc. provided additional information to their SEC Filing as exhibits

Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-20-000080
Submitted to the SEC: Wed Apr 29 2020 4:22:03 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered

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